Interest deduction rules were significantly amended under The Tax Cuts and Jobs Act signed into law last December 2017. In early December 2018, the IRS issued highly anticipated proposed regulations related to this new code section.

President Donald Trump pledged that his tax law would kill off breaks and complex loopholes for the wealthy. Instead, the overhaul has ushered in a new generation of maneuvers that taxpayers can exploit before Dec. 31 to minimize next year's bills.

While tax exempt businesses continue waiting to see if Congress will find a way to repeal this part of the Tax Cuts and Jobs Act, new guidance was issued in December 2018 related to qualified transportation fringes.

Marcum LLP today released its 2018 Year-End Tax Guide. This year's guide includes 17 chapters discussing how taxpayers are affected by the Tax Cuts & Jobs Act of 2017 (TCJA). It is a reference tool to help Marcum's clients and friends of the Firm understand how the new federal tax rules are likely to impact their tax planning for 2019 and beyond.

The Tax Cuts and Jobs Act is the most sweeping change to the U.S. federal income tax laws in over three decades, and it will have an effect on every U.S. taxpayer, but none more so than taxpayers engaged in the real estate business.

The Tax Cuts and Jobs Act of 2017 places a limit on the amount of interest expense that businesses can deduct on their tax returns. Companies will only be permitted to deduct interest based on a formula. Real estate companies have the ability to elect out of this limitation if they meet certain criteria.

The IRS proposed a new rule on Aug. 8, addressing the 20 percent qualified business income deduction. This is a break for so-called pass-through entities, including sole proprietorships and S-corporations.

On Wednesday, August 1, 2018, the Internal Revenue Service issued proposed regulations under the repatriation tax provisions of Section 965 enacted as part of the Tax Cuts and Jobs Act of 2017, providing guidance to U.S persons with direct or indirect ownership in certain foreign corporations.

Lawyers and accountants often push their clients to plan for unpleasant events. Better to be prepared now than to pay the consequences later. But the Republican tax law that took effect in January has added a new urgency for wealthy Americans contemplating divorce.

The Connecticut General Assembly recently passed legislation intended to provide workarounds for taxpayers impacted by the new $10,000 limitation on the deduction of state and local taxes under the Tax Cuts and Jobs Act of 2017.

The IRS issued Notice 2018-54 stating that the Service intends to provide regulations addressing legislation in some states that attempts to circumvent the new limitations on the federal deductibility of state and local taxes.

Under the Tax Cuts and Jobs Act of 2017, Congress enacted a change to the commonly called Kiddie Tax rules, to prevent parents and grandparents in high tax brackets from shifting income to children in lower tax brackets.

Residents in high-tax states are getting creative when it comes to evading the 10,000 cap on state and local tax deductions implemented as part of the Tax Cuts and Jobs Act, tapping a strategy one expert says may actually be permissible under current Internal Revenue Service guidelines.

The Internal Revenue Service and Treasury Department will release new rules to address workarounds by high-tax states that are designed to help their residents manage new caps on federal tax deductions.

Many of the biggest beneficiaries of President Donald Trump's tax overhaul haven't even been born yet. The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about $22 million for a married couple.

Due to tax law changes, 2018 presents a different environment than 2017 - but how different? Estate taxes have changed dramatically on both the federal level and for residents of the state of Connecticut.

Few people would claim to love doing their taxes, but tax day is unarguably more difficult for some than it is for others. While confusing tax software might be a hurdle for one person, freelancers may earn income in multiple states and have to pay estimated taxes four times a year.

While a corporate tax cut that brought the top rate down from 35 percent to 21 percent is widely seen as the centerpiece of the recent tax rules, there also were a number of changes to compensation for executives and employees.

Under the tax reform legislation passed by Congress late last year, several familiar itemized tax deductions have ceased for 2018, such as those for unreimbursed employee business expenses, tax preparation costs and investment-management fees, personal casualty losses, interest on some home equity debt and moving expenses, to name a few.

Of the many changes enacted by the new tax law some of the most significant impact individuals, such as an increased standard deduction, elimination of personal exemptions, the discontinuance of many itemized deductions, and changes to tax rates effective as of January 1, 2018.

The new tax reform law has been widely touted by the media as transforming the U.S. into a territorial system of taxation as used by many other countries, in which domestic income is taxed by the U.S. and foreign income is not.

C-corporations will enjoy a flat 21 percent tax rate rather than a blend of eight brackets ranging from 15-39 percent. For the 30 TENNESSEE Road Builder construction industry this generally translates to a tax cut for corporations with net income in excess of $120,000.

After the Tax Cuts and Jobs Act was passed, concerns were raised to the Financial Accounting Standards Board regarding implementation of certain provisions of the new tax law. In response to these concerns, the FASB provided guidance in question and answer format.

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting corporations is the reduced corporate flat tax rate of 21 percent.

Much of the Marcum seminar focused on the taxation differences between C‐corps and pass‐through entities, which include partnerships, S‐corporations, limited liability companies and sole proprietorships.

The Bipartisan Budget Act of 2018, enacted last Friday, February 9, contains a number of tax breaks for both individuals and businesses. These include the restoration of several tax provisions which had expired at the end of 2016.

More than 30 years after digesting the last major federal tax overhaul, Connecticut accountants and legal advisers working to interpret the latest changes to the federal tax code say business clients are both enthusiastic and wary as they figure out how to adapt.

On December 22, 2017, a new tax reform bill known as the Tax Cuts and Jobs Act was signed into law. The Act will affect virtually all taxpayers, from businesses to individuals. This article will focus on how the new rules affect the various aspects of the real estate industry at an entity level.

In January, the Treasury Department released its income tax withholding tables, updated to reflect changes stemming from the Tax Cuts and Jobs Act. The new legislation cut individual income taxes, raised the standard deduction and eliminated personal exemptions.

If exploiting a tax loophole is as much an art as a science, then the tax planning profession is poised for a creative renaissance. The inspiration is the tax law signed by President Donald Trump in December. The patrons are affluent Americans who can afford advice from the nation’s more ingenious accountants, tax lawyers and financial advisers.

As employees begin to receive their updated paychecks based on the new tax code changes, many are seeing incorrect withholding amounts, which could lead to financial trouble down the road, one financial expert warns.

Long Island Business News Editor Joe Dowd and Marcum Melville Office Managing Partner Carolyn Mazzenga are set to moderate a series of panel discussions tonight on the impact of the new federal income tax laws.

Although there are still many unknowns about the tax law that took effect Jan. 1, some small business owners have already figured out that they stand to gain from some of its changes and are changing their plans to maximize their benefits.

One of the more significant changes under the Tax Cut and Jobs Act, signed into law by President Trump in December 2017, relates to business owners of flow-through entities, such as partnerships, LLCs, sole proprietorships, and S corporations.

On December 22, 2017, President Donald Trump signed the Tax Cuts & Jobs Act into law, changing the entire U.S. tax landscape. A major component of the act affecting individual taxpayers is the new treatment of itemized deductions.

The Internal Revenue Service announced that the nation's 2017 tax season will begin Monday, January 29, 2018. This is to ensure the security and readiness of tax processing systems and assess the potential impact of tax legislation on 2017 tax returns.

On December 22, 2017, New York State Governor Andrew Cuomo issued an emergency Executive Order authorizing local governments to issue warrants for the collection of 2018 property taxes, to allow property owners to pay at least a portion of their bills prior to the end of 2017.

From New York to Kentucky to Florida, accountants and tax lawyers are scanning the 1,000 page measure, fielding a swirl of questions from clients and swapping tips via email in their efforts to fully grasp the bill's far-reaching changes.

Congress was poised this week to pass the most sweeping overhaul of the federal tax code in three decades. The Republican legislation, which President Trump has promised to sign before Christmas, delivers most of its benefits to corporations and the wealthy, but there are key changes that affect individuals.

While we all anxiously awaited the finalizing of the proposed tax legislation, The Tax Cut and Jobs Act, many tax advisors were suggesting clients prepay state and local income and property taxes related to year end 2018 in 2017.

Earlier this year, the Large Business and International Division of the IRS ("LB&I") announced 13 campaigns aimed at specific compliance issues. One of these campaigns is directed at S corporation shareholders incorrectly claiming losses and deductions in excess of their stock and debt basis in the corporation.

Some small business owners may pay lower taxes under the Republican tax overhaul, but accountants and consultants will want to read the fine print carefully - once the details are finally settled. And some owners may want to consider changing their corporate structure if parts of the proposed changes go through.

After a frenzy of congressional action to rewrite the tax code, salesclerks and chief executives are calculating their gains. Business was treated with the everyone's-a-winner approach that ensures no summer camper goes home without a trophy.

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